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A Day Before The OPEC + Meeting, Oil Prices Approach $70

Baghdad Oil prices witnessed a remarkable increase on Monday, pending the outcome of the OPEC + meeting tomorrow, Tuesday.

Brent crude for the month of August rose 0.6%, to $69.22 a barrel.

The price of US West Texas Intermediate crude, for delivery next July, increased by 0.54%, to reach $ 66.66 a barrel.

Oil is poised for a second consecutive monthly gain, as the United States, China and parts of Europe lead a strong economic recovery, despite the virus resurgence across Asia.

Investors will also be looking, when OPEC + meets, for any clues regarding the next phase of the group’s supply policy amid growing expectations of demand acceleration until the end of the year.

Source: National Iraqi News Agency